Japan: Bank of Japan Maintains Record Stimulus
The Bank of Japan kept record monetary easing in place as the falling oil price challenges Kuroda’s objective to bring inflation up. (Source: Bloomberg)
Russia: Russia Situation ‘Extremely Grave’: Trichet
Russia’s economic crisis is an “extremely grave” situation not only for the country itself, but for the rest of the European Union, the former president of the European Central Bank (ECB) told CNBC. (Source: CNBC)
Saudi Arabia: Saudi Arabia Says Hard for OPEC to Give Up Market Share
Saudi Arabian Oil Minister Ali Al-Naimi said that the country and OPEC would find it “difficult, if not impossible” to give up market share by cutting crude production. Oil prices OPEC’s decision to maintain output fanned speculation that Saudi Arabia and other members want North American shale drillers and other producers outside the group to be the first to cut production (Source: Bloomberg).
India: India’s Battle to Become a Single Market
An amendment to the Indian constitution has been approved by the Union Cabinet and could reach the parliament in the coming week. This amendment is a historic proposal for the country: the introduction of a comprehensive goods and services tax, or GST, to be introduced in 2016 (Source: Bloomberg View).
Switzerland: Swiss Central Bank Announces Negative Interest Rates To Stem Flight Into Franc
Switzerland’s central bank said it would start charging banks for deposits in francs for the first time since the 1970s, hoping to stem a flight to the safe-haven currency driven by concern over the euro zone and Russia’s deepening crisis. (Source: IBT)